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RCP Congressional Bill Tracker - H.R. 2771

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H.R. 2771: Group Term Life Insurance Increase Act of 2015

Title: Group Term Life Insurance Increase Act of 2015

Introduced: Jun 15, 2015 (114th Congress)

Sponsor: Rep. Michael C. Burgess [R-TX26]

Status: Referred to Committee - Referred to the House Committee on Ways and Means.

Summary: Group Term Life Insurance Increase Act of 2015 This bill amends the Internal Revenue Code to increase the limit on the amount of employer-provided group term life insurance that an employee may exclude from his or her gross income for income tax purposes. Currently, an employee may exclude from gross income up to $50,000 of the cost of such insurance plus any amount paid by the employee for the purchase of such insurance. The bill increases the $50,000 limit to $375,000, and adjusts such increased limit for inflation in taxable years beginning after 2015.

Votes


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